Bank Profits Hit Record $42.2 Billion In Second Quarter

U.S. banks earned more from April through June than during any quarter on record, aided by a steep drop in losses from bad loans.

The Federal Deposit Insurance Corp. says the banking industry earned $42.2 billion in the second quarter, up 23 percent from the second quarter of 2012. CNNMoney additionally reported Thursday that the nation’s biggest banks are expected to hand out more in compensation in 2013 than they did in 2009 -- the final year of the recession -- including $23 billion in bonuses.

On the same day the FDIC announced the record profits, fast food workers across the nation walked off the job in protest of what they see as low wages and poor treatment. The demonstrators are demanding a $15-per-hour minimum wage and protections against retaliation for joining a union.

Hourly wages for nonfarm workers fell 3.8 percent in the first quarter, the biggest quarterly drop since the Bureau of Labor Statistics began tracking wage growth in 1947. Yet CEO pay continues to steadily rise, with total compensation growing by 876 percent between 1978 and 2012.

The federal minimum wage of $7.25 per hour has not been raised since 2009, and number of workers living off that (or less) more than doubled between 2007 and 2012, according to The New York Times.

Banks' losses on loans tumbled 30.7 percent from a year earlier to $14.2 billion, the lowest in six years. And bank lending increased 1 percent from the first quarter. Greater lending helps boost consumer and business spending, leading to more jobs and faster economic growth.

Still, the FDIC report shows that the largest banks continue to drive the industry's profits while smaller institutions have struggled. Banks with assets exceeding $10 billion make up only 1.5 percent of U.S. banks. Yet they accounted for about 82 percent of the industry's earnings in the April-June quarter.

Those banks include Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. Most have recovered with help from federal bailout money and record-low borrowing rates.

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China's vice Finance Minister says no need for Economic Stimulus

China's Vice Finance Minister Zhu Guangyao said there was no need for the government to stimulate the world's No. 2 economy, saying on Tuesday that growth can instead be supported through structural adjustments.

Zhu said while China faced a severe economic environment at home and abroad, it would keep economic policies stable.

Speaking at a briefing ahead of G20 meeting in Russia next week, he said the United States must consider when and how fast it moderates its ultra-loose monetary policy.

China's Growth Woes Could Force Gove

Central Bank Deputy Governor Yi Gang said the issue of how nations would cope as developed economies tighten their monetary policy would be a focus at the G20 meeting.

"On monetary policy, the focal point (of G20) will be on how to minimize the external impact when major developed countries exit or gradually exit quantitative easing, especially causing volatile capital flows in emerging markets and putting pressures on emerging-market currencies," Yi said. (Reporting by Kevin Yao; Editing by John Mair)

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Useful Websites to Make Money Online

Make Money Online

Internet is the great invention which has provided some splendid ways for the people to make money online without leaving the comfort of home. People contended with their monthly income, students, homemakers are the enthusiastic online job chasers who looking for sources to make an additional income at spare time. Earning extra dollars with relaxed mind at convenient time from home is the greatest advantage of performing online money making jobs.

To earn money online, you don’t need to have extraordinary skills or a computer genius. Basic computer knowledge, good scripting skill and specific talents are enough to work with lot of money making ideas which can be profitable to make a decent income at home. Spending quality time with immense patience would help the people to increase their online earnings gradually and it is more likely to earn thousands of dollars within few months.

Choosing the appropriate online jobs based on your skills, learning its fundamentals and doing the chosen jobs with dedication would let you to reach the goal of earning online money. I came across some useful websites to make money and gonna discuss below in detail. If you are searching for some genuine  websites to make money, you can make use of it.

1. Mturk

Amazon mechanical trunk is a great website which pays for your work. Sign in as a worker to make money by working on HITS. Once you get the approval after registration, you can search for the jobs based on your skills and interest. Flexibility, no earning limit and not many skills required are some of the good features of this websites which makes the workers to work comfortable with it. It would be good to choose the HITS which pay low cents in the opening period and after you get experience in this work, choose the high paying HITS to work.

2. Cloud crowd

Cloud crowd is a leading online work platform where you can find a wide range of interesting projects like writing, translation, data entry, reviewing and editing documents and so on. You can work on fascinating well-paying jobs and get the payout through PayPal. The earning potential ranges from $0.01 to $30 and you can else make money with your referral link too.  Here you need to sign-in with your Facebook account and your earnings will depend on your ability to complete the tasks.

3. iwriter.com

This is a genuine website owned by famous internet marketer for freelance writers and article searchers. If you are interested in writing, you can make a good income here. Requesters post the projects with the specifications like no. of words to be written, category and with some special instructions. You can choose any of the fascinating projects to write and you will get paid after your articles get approved by the requester. You have to send the article within the allotted time and the payment is based on the no. of words you have chosen to write.

4. Redgage

If you enjoy sharing the photos online, uploading videos to the web, distributing the useful links, active on social networks or having own blog/website, then Redgage is the right website to make money. You can upload your own stuffs or friend’s articles here and if the uploaded stuffs get rated by others, you have potential to make more money with it. Interacting with other Redgage members and using the available tools would help you to get more views for your uploaded materials.

5. Twago.com

Twago is the freelance job board which is a good alternative to Elance.com. It expanded as “team work across global offices” where the buyers and sellers/service providers meet together for business deals. It is a bidding type website and the free members can upgrade their account to get some benefits. Based on the freelance skills listed in your profile, the employers will let you to work on their projects.

Conclusion:

Working online and earning money with some websites requires some basic knowledge and skills. Moreover, like the offline jobs or 9-5 jobs, some quality time should be spend to do the online jobs. If you work with dedication and elegance on the chosen online job, it is more feasible for you to earn cash with it.

Hope the above itemized websites is the easiest way to make money. What do you think about these websites? Did you already know these listed websites to make money online? Share your thoughts here.

SOURCE

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Fun never goes out of style working at Rent the Runway

The Harvard Business School pals and native New Yorkers (Hyman, 32, hails from New Rochelle; Fleiss, 29, grew up in Midtown) founded their biz back in late 2009, with the goal of solving “I have nothing to wear” conundrums for women across the country.

Since then, the duo has signed on more than 200 designers, like Vera Wang and Proenza Schouler, attracted more than 3 million (and counting) members, and — as of March — secured $54 million in venture capital funding.

DRESS UP: Rent the Runway’s Jenny Fleiss and Jenn Hyman (above) landed Beyoncé as a celeb partner.Tamara Beckwith/NY Post (2)

DRESS UP: Rent the Runway’s Jenny Fleiss and Jenn Hyman (above) landed Beyoncé as a celeb partner.
In May, the company announced Beyoncé as its first-ever celebrity partner and debuted an online boutique of styles hand-picked by the superstar.

Office space: Since growing out of their “very close quarters” in a Hudson Street sublet three years ago, the company’s 200-plus employees have spread across a pair of loft-style floors in their West Soho building.

Except for Hyman’s private office — which she uses for one-on-one meetings with her executive team — the space features an open floor plan with communal-style desks to promote collaboration between colleagues.

Decor: With fashion sketches from the likes of Badgley Mischka and Thakoon adorning one wall, ikat pillows propped on a pair of chartreuse wing-back chairs and trendy accents like a bold chevron rug, the office’s hip, cheery common areas feel distinctly like a downtown bachelorette pad belonging to their dream customer.

This aesthetic extends to Hyman’s office, where a chic white lacquer Parsons desk displays a matching magenta tape dispenser, stapler and tray.

“You walk into most start-ups in New York, and there’s a very ‘bro’-y culture,” says Hyman, wearing a royal blue Moschino shift dress. “I’m proud of the fact that we have a girly culture — and it’s okay that I have hot pink accessories all over my desk.”

Detritus: In Hyman’s office, a wall of photos includes a cherished shot of the founders, their mothers and Fleiss’s 18-month-old daughter, Daniella.

“The culture here feels very much like family — there’s a lot of warmth here,” notes Hyman.

On an adjacent bookshelf stand Barbies made to look like Fleiss and Hyman, which Mattel sent the women, and a collectible Missoni Coke bottle (inset) that Vittorio Missoni gifted Hyman after they met in Milan a few years ago.

Fleiss’s desk displays a framed photo collage her team made for her birthday and a collection of tchotchkes that her daughter gravitates to during her daily visits to the office.

Commute: The West Village residents both live within a ten-minute walk from the office and enjoy their daily strolls through one of the city’s more swanky neighorhoods.

“It’s kind of refreshing not seeing people in suits all day,” says Fleiss, an ex-Wall Streeter.

Routine: Both women arrive at the office around 9 a.m.; Hyman typically stays until 8 p.m., while Fleiss scoots out earlier to let her nanny off. She logs back online around 9 p.m. for an hour and a half of work after her daughter goes to sleep.

Each tries to sneak in sweat sessions before or after work (Soul Cycle or Equinox for Fleiss; Barry’s Bootcamp for Hyman) and also takes advantage of the hot spots in their ’hood, like Hundred Acres.

Work style: “The hours of the day should be spent around people,” says Hyman, who, like Fleiss, spends most of her day in meetings. “If I just wanted to e-mail, I could do that at home.”

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India named a Former International Monetary Fund chief economist to head the Reserve Bank of India

Raghuram Rajan, who predicted the global financial crisis in 2005, will take over at the RBI from Duvvuri Subbarao, whose turbulent five-year tenure ends September 4.

Rajan is viewed as a pragmatist on monetary policy likely to stick fairly closely to Subbarao's line on managing inflation. The outgoing governor fought an uphill battle against price pressures for much of his term in an economy plagued by supply-side bottlenecks and legislative and bureaucratic paralysis.

"(Rajan) has the intellectual pedigree and policy experience, but my worry is people will think a smart guy coming in will fix all of India's problems," said Bhanu Baweja, head of emerging markets strategy at UBS in London.

"The problem in India is political consensus and execution. By itself, the appointment doesn't change my view on the market. I am underweight the rupee and Indian equities," Baweja said.

India's record current account gap of 4.8 percent of GDP makes it highly exposed to global flows away from emerging markets in anticipation of tighter U.S. monetary policy. Reforms are especially challenging for a weak ruling coalition headed by Prime Minister Manmohan Singh that faces elections by next May.

The rupee is down nearly 11 percent in 2013, making it the worst-performing currency in emerging Asia,. Emergency steps by the RBI in July to drain liquidity and raise short-term interest rates have failed to halt its decline.

It fell to a record low of 61.80 to the dollar on Tuesday before buying by the RBI helped the rupee post a gain. Meanwhile, economists have been cutting their growth forecasts for an economy that expanded by just 5 percent in the last fiscal year, its weakest in a decade.

"These are challenging times for the Indian economy, though no one can have any doubt about the country's promise," Rajan said in brief remarks late on Tuesday.

"The government and the Reserve Bank are working together to address these challenges. We do not have a magic wand to make the problems disappear instantaneously. But I have absolutely no doubt that we will deal with them," he said.

In a March interview with Reuters, Rajan said he believed inflation around 5 percent in a developing economy is "reasonable," putting him on the same page as Subbarao, who set 5 percent as medium-term goal and 3 percent as a long-term target.

In recent months, Rajan has tended to speak in favor of pro-growth policies, as well as talking up the need to address the current account deficit.

"In the last two months, he has been taking a key role on rupee-related steps, and his appointment as the governor will lift expectations of constructive and positive steps to lift the rupee," said Siddhartha Sanyal, an economist at Barclays in Mumbai.

GLOBAL STATURE

Informal and outspoken, Rajan brings global stature to a post that in recent years has been held by career bureaucrats. At 50, he is also young by Indian central bank chief standards.

The former University of Chicago professor gained fame with a 2005 paper at a U.S. meeting of central bankers, warning that financial sector developments could trigger an economic crisis. The argument, later spelled out in his book "Fault Lines," was dismissed by many as alarmist.

Lawrence Summers, the former U.S. Treasury Secretary seen as a frontrunner to succeed Federal Reserve Chairman Ben Bernanke, said at the time the paper's premise was "slightly Luddite," and "largely misguided."

Summers later apologized for the remark, said Douglas W. Diamond, a University of Chicago Booth School of Business professor who has written several papers with Rajan on monetary policy and financial stability.

"Raghu's soft voice willing to speak against accepted doctrine" will likely help raise the profile of India's central bank, Diamond said.

"He's going to have a big impact on other central banks. He'll be widely listened to in the community of central banks," Diamond predicted, saying Rajan comes in as an "incredibly well-known academic," just as Bernanke was when he took over as Fed Chairman.

In a Reuters poll, 13 of 15 respondents said Rajan was the best-suited to the RBI job. Other candidates were said by government insiders to include Economic Affairs Secretary Arvind Mayaram and Planning Commission member Saumitra Chaudhuri. Subbarao ruled himself out of a term extension.

Rajan had been considered the most likely candidate to be the next governor when he returned to India last year to accept the top advisory post at the Finance Ministry in New Delhi, although some in government had said his relative outsider status might count against him.

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6 Trading Stocks for Short Term Gains

n CNBC-TV18's show Super Six, market gurus Shardul Kulkarni of Angel Broking, Rajesh Jain of Religare Securities and Gaurav Ratnaparkhi of Sharekhan, place their bets on two stocks each, thus offering investors a variety of options to choose from. Investors can read into the detailed analysis before agreeing to any or all the bets.

Shardul Kulkarni, Angel Broking

The fist stock that we will recommend is a buy call with regards to Shriram Transport Finance . The chart structure indicates a high probability of a downward sloping trendline breakout and the momentum oscillators are positively poised. Going forward, we recommend buying Shriram Transport Finance with a stop loss of Rs 620 for a target of Rs 685 over the next four-six trading sessions.

Second stock that we will recommend is a sell call with regards to Bata India  . The chart structure shows there is a high probability for upward sloping trendline breakdown in the days to come. Going forward, we recommend selling the Bata August futures contract with a stop loss of Rs 915 for a target of Rs 840 over the next four-six sessions.

Rajesh Jain, Religare Securities

Dr Reddys Laboratories  after taking a good rally four days back has been correcting for last three trading sessions. One can buy the stock at its current price keeping a closing stop loss of Rs 2,150 for a target of Rs 2,350.

Just as Bank Nifty is taking support near 10,000 levels, ICICI Bank  is also taking support near Rs 900 levels. One can buy ICICI Bank near Rs 895 levels keeping a closing stop loss of Rs 890 for higher target of Rs 925.

Gaurav Ratnaparkhi, Sharekhan

Shriram Transport Finance has been falling since last nine consecutive weeks. However, the stock seems to have created a short-term base for itself. On the daily chart it has formed an ending diagonal pattern which would mark end of the multi-week fall and the stock is about to breakout on the upside from the bullish pattern. The daily momentum indicator has given a fresh buy signal. So the stock has a significant upside potentially from current level. Stop loss can be placed at Rs 620.70 and target will be Rs 699 and the timeframe will be 2-3 days.

IDFC  has been falling since last several months. However, the internal structure shows that the fall might be complete at least from short-term perspective. The short-term momentum indicators have been pushed into the oversold territory and they need to recover from there. Also in the last session, the stock has formed a bullish outside bar on the daily chart, which shows that the bulls are taking the charge over. Even the risk reward ratio is very good to initiate fresh long positions. Stop loss can be placed at Rs 101.90 and target will be Rs 114 and again the time frame will be 2-3 days.

SOURCE

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Tips for Good Business

Whether it’s for greeting customers or going to a supplier meeting, if you’re in business, you shake a lot of hands.
A good handshake can help you make a great first impression, convey confidence and establish a positive, equal tone for the future of the business relationship.

Jackie Zelinsky, CEO of the country’s national network of Business Enterprise Centres External link has shaken the hands of many Australian business people.

To help you avoid replicating some of the not-so-popular shakes in our Top 10 Bad Business Handshakes video countdown, Jackie has shared her tips with us to help you deliver a handshake that makes a good impression every time
From standing equally to connecting your palms, Jackie’s tips can help transform even the most novice of shakers to a pro in no time

Now let’s get moving! (And shaking!)
Read Jackie’s handshake tips article to learn more about handshaking etiquette.


Think of a business sign as a form of communication. You want it to get your message across.

Be sure signs are large enough to read. Consider the speed of local traffic.

Make it short and simple.

Provide ample lighting so that it can be read at night.

Change signage from time to time to renew potential customers’ interest.

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What is Business Enterprise

A business (also known as enterprise or firm) is an organization involved in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to provide service to its customers. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.

The etymology of "business" relates to the state of being busy either as an individual or society, as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings.

In the computer industry, an enterprise is an organization that uses computers. A word was needed that would encompass corporations, small businesses, non-profit institutions, government bodies, and possibly other kinds of organizations. The term enterprise seemed to do the job. In practice, the term is applied much more often to larger organizations than smaller ones

An enterprise can be a large and well-functioning business organization, or two college kids who start a lawn-mowing service for summer work, or a trek into uncharted territory in search of some discovery or riches. What they have in common is that they are all undertakings.

Difficulty

The New Oxford American Dictionary defines "enterprise" as "a project or undertaking, typically one that is difficult or requires effort." Christopher Columbus's mission in search of the "New World" was an enterprise, as was the Lewis and Clark expedition to the American West (especially considering both were funded by government to achieve some economic need).

Entrepreneurship

The New Oxford American Dictionary also defines an enterprise as an entrepreneurial economic activity. Thus, any start-up company (and Microsoft, Google, Facebook and eBay were all those at one point) is an enterprise.

As A Quality

The authors of "Enterprise: Entrepreneurship and Innovation" describe enterprise as the quality of "not standing still." An enterprising person may be an entrepreneur, an "intrapreneur," who drives growth within his company, someone who is innovative in business or someone who seeks knowledge to become self-reliant.

Business

Most typically, the word "enterprise" describes a business or economic entity (whether or not it is entrepreneurial or innovative); hence the use of the terms "enterprise application" to describe software for business, and "Enterprise 2.0" to describe a business that is well connected using Internet technology.

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